Buccirossi, Paolo; Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2006
We review current methods for calculating fines against cartels in the US and EU, and simulate their deterrence effects … deterrence effects before leniency programs were introduced. Previous simulations of the effects of fines ignore the different … type of deterrence that leniency programs bring about, and, therefore, grossly overstate the minimum fine likely to have …